The once $1bn ‘unicorn’ ad tech startup Ve Interactive has been saved from administration after a buyout from an interim management team.
The management team, backed by a consortium of existing shareholders and creditors, moved quickly to protect the London-based tech firm after it went into administration yesterday (25 April). As a result of the buyout, Ve Interactive will now trade under the management of CEO Morten Tonnesen, who arrives from early stage investors Aston Ventures, and managing director David Marrinan-Hayes, CEO of Fuel Ventures.
“I am very excited to be leading the next chapter in Ve Interactive’s story,” said Tonnesen. “The business has long been at the forefront of the industry and we now have the investment and backing to continue to build out our market-leading technologies.”
The management buyout will enable Ve Interactive to safeguard the job of many of its 1,000 staff, and protect the company ‘for the future’.